Investment Company Institute

Investment Company Institute
Formation 1940
Purpose To encourage adherence to high ethical standards by all industry participants; advance the interests of funds, their shareholders, directors, and investment advisers; and promote public understanding of mutual funds and other investment companies.
Location
  • Washington, DC
Chairman
 William F. "Ted" Truscott
Vice Chairman
 William McNabb
President and CEO
 Paul Schott Stevens
Main organ
 Board of governors
Website www.ici.org
Formerly called
 National Association of Investment Companies

The Investment Company Institute (ICI) is the leading global association of regulated funds, including mutual funds, exchange-traded funds, closed-end funds and unit investment trusts in the United States, and similar funds offered to investors in jurisdictions worldwide. ICI encourages adherence to high ethical standards, promotes public financial literacy of funds and investing, and advances the interests of investment funds and their shareholders, directors, and advisers.

History

Following the stock market crash of 1929 that presaged the Great Depression, Congress passed a series of acts related to securities and financial regulation.[1] One of these, the Investment Company Act of 1940, clearly defined the responsibilities of investment companies.[2] This same year, what would become ICI was established in New York as the National Committee of Investment Companies, an organization to aid in the administration of the act.[3] It became the National Association of Investment Companies (NAIC) in 1941, and then the Investment Company Institute in 1961.[4]

ICI Global

In 2011, ICI expanded internationally with the launch of the London-based ICI Global, which seeks to advance the common interests and promote public understanding of issues related to international funds, managers and investors, including both regulated U.S. and non-U.S. based funds publicly offered to investors worldwide.[5] In 2013, ICI Global expanded into Asian markets with the opening of an office in Hong Kong.[6]

Role in regulation and education

As an association made up of U.S. investment companies, including mutual funds, closed-end funds, exchange-traded funds (ETFs), and unit investment trusts (UITs), ICI seeks to encourage adherence to high ethical standards among its members to gain public trust and confidence.[7][8][9] It advocates for meaningful disclosure for investors from funds and provides investor education.[10][11] It also provides data and commentary to the SEC to advise its regulatory process, and submits official comment letters and briefs in response to proposals around new financial regulations as well as legal decisions.[12][13]

ICI’s research department includes economists and research analysts who collect and disseminate data on all types of registered investment companies; in 2016 they released more than 300 statistical reports examining various aspects of the industry, as well as 19 research and policy publications.[14] In addition, ICI aims to promote the interests of directors, stockholders and investment counselors as well as the investment funds themselves.[15] The organization has two continuing professional education programs, including a Continuing Professional Education (CPE) program for Certified Public Accountants and a Continuing Legal Education (CLE) program for attorneys.[16][17]

Political role

ICI lobbies on behalf of investment companies, working closely with policymakers and regulators through outreach efforts involving economic and legal analysis, sometimes advocating directly to the public on issues important to its members. It also donates to federal candidates through its political action committee, ICI PAC, having donated $1,939,002 for the 2016 PAC cycle, with 34% going to Democrats and 66% to Republicans[18] In 2016, ICI spent $4,962,719 on lobbying.[19]

Membership

ICI membership is open to Securities and Exchange Commission-registered investment companies (mutual funds, closed-end funds, ETFs, and UITs), their investment advisers, and underwriters.[20] As of June 2017, ICI membership included 8,787 mutual funds, 548 closed-end funds, 1,569 exchange-traded funds (ETFs), and as of December 2016, 3,589 unit investment trusts (UITs).[21] Members manage assets totaling $29.4 trillion and serve more than 100 million shareholders.[22]

Leadership

The ICI is run by a board of governors, responsible for setting policies and overseeing the activities of the organization.[23] The organization’s staff is based in its offices in Washington, DC, London, and Hong Kong.[24]

  • William F. "Ted" Truscott, Chairman - Truscott is also CEO of Columbia Threadneedle Investments.[25]
  • William McNabb, Vice Chairman - The former chairman, having served from 2013-2016, is also the CEO of The Vanguard Group.[26][27]
  • Paul Schott Stevens, President and CEO - Stevens has been President and CEO of ICI since 2004, and served as the Institute's General Counsel from 1993-97. He also is a director of the ICI Mutual Insurance Company.[28]
  • Peter H. Gallary, Chief Operating Officer - Gallary was named COO in 2006, after serving as chief executive of The Boston Company Advisors, as well as the head of operations and a managing director at Putnam Investments.[29]
  • Donald C. Auerbach, Chief Government Affairs Officer & Co-Head of Government Affairs - A former member of the staff of Rep. Carolyn B. Maloney (D-NY), he joined ICI in 2004. Auerbach was named a leader of its government affairs staff in 2009.[30]
  • Marty Burns, Chief Industry Operations Officer - Burns was named to his current position in 2015, previously having served with ICI as the senior director of operations and distribution.[31]
  • Jennifer Choi, Chief Counsel, ICI Global - Choi, who most recently was associate general counsel for global capital markets policy, joined ICI in 1999. Previously, she worked at the SEC in numerous roles.[32]
  • Sean Collins, Chief Economist - Collins joined ICI in 2000 and most recently was senior director of industry and financial analysis. Previously, Collins was a staff economist at the Federal Reserve Board of Governors and at the Reserve Bank of New Zealand.[33]
  • Amy B. R. Lancellotta, Managing Director, Independent Directors Council - Before assuming this role in 2006, Lancelotta served for seventeen years as a member of ICI's law department, most recently as a senior counsel.[34]
  • Susan Olson, General Counsel - Olson joined ICI in 2007, most recently having served as chief counsel of ICI Global and senior counsel of international affairs. Before that, Olson worked with the SEC in the international branch of the division’s Office of the Chief Counsel, where she resolved legal issues arising under the Investment Company Act and the Investment Advisers Act, and provided guidance for trade negotiations.[35]
  • Mike McNamee, Chief Public Communications Officer - Named to his current position in 2012, McNamee first joined ICI in 2006, after serving as Deputy Washington Bureau Chief at BusinessWeek.[36]
  • Dean R. Sackett III, Chief Government Affairs Officer & Co-Head of Government Affairs - Sackett joined ICI in 2000 and was appointed to his current role in 2009. He previously served on the staff of Rep. Bob Livingston (R-LA).[37]
  • Dan Waters, Managing Director, ICI Global - Waters assumed the role in 2011, having previously directed asset management policy at the United Kingdom's Financial Services Authority.[38]

References

  1. ↑ "Wisconsin Department of Financial Institutions". Wdfi.org. Retrieved 2013-08-26.
  2. ↑ "Investment Company Act of 1940". Personal.psu.edu. 2012-11-27. Retrieved 2013-10-08.
  3. ↑ Reforming U.S. Financial Markets - Kroszner, Randall S., Shiller, Robert J. - Google Books. Books.google.com. Retrieved 2013-08-26.
  4. ↑ The History of Financial Planning: The Transformation of Financial Services - E. Denby Brandon, Jr., H. Oliver Welch - Google Books. Books.google.com. 2009-09-17. Retrieved 2013-08-26.
  5. ↑ Benjamin, Jeff (October 11, 2011). "ICI extends reach with global launch". Investment News. Retrieved 5 November 2013.
  6. ↑ Flood, Chris (2013-02-24). "ICI Global to open Hong Kong office". FT.com. Retrieved 2013-11-07.
  7. ↑ "Investment Company Institute: Private Company Information - Businessweek". Investing.businessweek.com. Retrieved 2013-10-08.
  8. ↑ Aven, Paula (2012-04-26). "Spark Institute, ICI update fee disclosure glossary". BenefitsPro. Retrieved 2013-10-28.
  9. ↑ "About". Iifaneworleans2013.org. Retrieved 2013-10-08.
  10. ↑ "General Counsel Testifies on 401(k) Plan Disclosure at ERISA Hearing, September 2004". ICI. Retrieved 2013-08-26.
  11. ↑ "Investment Company Institute |". Thetrustadvisor.com. Retrieved 2013-08-26.
  12. ↑ "Regulation in a Global Financial System". SEC.gov. Retrieved 2013-11-07.
  13. ↑ "Comment Letters". ICI. Retrieved 2013-11-07.
  14. ↑ "2017 Investment Company Fact Book". Icifactbook.org. Retrieved 2018-04-09.
  15. ↑ "What Is the Investment Company Institute?". Wisegeek.net. Retrieved 2013-08-26.
  16. ↑ "Continuing Professional and Legal Education (CPE and CLE)". ICI. Retrieved 2013-08-26.
  17. ↑ "Other Links". Cffp.edu. Retrieved 2013-08-26.
  18. ↑ "Investment Co Institute Summary". OpenSecrets. Retrieved 2017-03-03.
  19. ↑ "Investment Co Institute: Summary". OpenSecrets. Retrieved 2017-03-03.
  20. ↑ "Criteria for Membership". ICI. Retrieved 2013-08-26.
  21. ↑ "2017 Annual Report to Members" (PDF). ICI. Retrieved 2018-04-09.
  22. ↑ "About ICI". Ici.org. Retrieved 2018-04-09.
  23. ↑ "Board & Leadership". ICI. Retrieved 2013-08-26.
  24. ↑ "Notes from the May 2013 Investment Company Institute General Membership Conference - SwanDog Strategic Marketing, LLC". Swandog.com. Retrieved 2013-11-12.
  25. ↑ Healy, Beth (2016-10-06). "Ted Truscott named Chairman of fund industry trade group". Bostonglobe.com. Retrieved 2017-03-02.
  26. ↑ "Board & Leadership". ICI. Retrieved 2017-03-02.
  27. ↑ "Vanguard: Who we are--our leaders". MarketWatch. Retrieved 2017-03-02.
  28. ↑ "Paul Schott Stevens, President and CEO, Investment Company Institute" (PDF). SEC. 2012. Retrieved 2013-08-26.
  29. ↑ "ICI taps Gallary as new COO". InvestmentNews. Oct 9, 2006. Retrieved 2013-08-26.
  30. ↑ "ICI Names Co-Heads of Government Affairs". Mmexecutive.com. 2009-03-16. Retrieved 2013-08-26.
  31. ↑ "New Hire Roundup". Thinkadvisor.com. 2015-07-30. Retrieved 2017-03-02.
  32. ↑ "Jennifer Choi". 11 December 2017. Retrieved 9 April 2018.
  33. ↑ "Sean Collins". ICI.org. 2017. Retrieved 2018-04-09.
  34. ↑ "Faculty Profile - Amy Lancellotta". Pli.edu. Retrieved 2013-08-26.
  35. ↑ "ICI Names Susan Olson as General Counsel". Financialregnews.com. 2017. Retrieved 2018-04-09.
  36. ↑ Tran, Hung (2012-10-12). "ICI Names Ex Journo Chief Flack". Mmexecutive.com. Retrieved 2013-08-26.
  37. ↑ "Dean Sackett Leader Profile: Leader Networks & Work Profile". Workmob.com. Retrieved 2013-08-26.
  38. ↑ "MutualFundWire.com: ICI Debuts a New Trade Group". Mfwire.com. 2011-10-10. Retrieved 2013-08-26.
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